Management Accountant

Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company.

An interviewer expects an account manager to be efficient in knowing how to meet targets within deadlines. He may ask the candidate about his track record for achieving targets. With this question, he gives the candidate an opportunity to provide examples of goals and strategies to achieve them. The interviewer may look for the candidate's strong communication skills as a vital tool in the candidate's examples.

A compound journal entry is just like other accounting entry where there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries.

A short term amounts due from buyers to a seller, who have purchased goods or services from the seller on credit is referred as account receivable.

Yes, I have prepared few MIS reports during my previous jobs. MIS reports are created to identify the efficiency of any department of a company.

Speak confidently when answering questions where success is the subject. You do not have to gush and describe every possible aspect you can think of. Talk about a few key concepts, like communication and negotiation skills, market research and customer prospecting, etc. You will make an even better impression if you give an example from your own professional life to demonstrate your idea.

We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:

Assets = Liabilities + Owners Equity.

As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sale something, you lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction.

GAAP means Generally Accepted Accounting Principle; it is a framework of accounting, standards, procedures & rules determined by the professional accounting industry and practiced by publicly traded U.S companies all over the U.S.A.

There are three branches of accounting named as “Financial Accounting”, “Management Accounting” and “Cost Accounting”.

A deposit in transit is a checks and cash that have been received and recorded by an entity, but which have not yet been entered in the records of the bank where the funds are deposited.

By depreciation we mean that a value of an asset is decreasing as it is in use. It has two types such as “Straight Line Method” and “Written Down Value Method”.

In accounting, trial balance is an accounting report that lists the balances in each of an organization’s general ledger accounts. This is done at the end of posting journal entry to ensure that there are no posting errors.

An interviewer asks a candidate about her opinion of a successful account manager to understand the characteristics that the candidate believes would make her a success. The candidate should identify three or four key concepts as examples of her own experiences such as communication skills, effective negotiation skills, and strengths in market research. She should sound confident in answering this question.